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Brother and an NRI relative wanted to buy a joint property
05-Jun-2023 (In Property Law)
Can a property be purchased by NRI relative and brother jointly, wherein the amount will be financed by Nri, and can the amount be repatriated by brother over a period of eight years
Yes, an NRI can purchase a residential or a commercial property in India, but an NRI cannot purchase any agricultural property. NRI can purchase a property solely or jointly with any NRI but he cannot join an Indian inhabitant as a joint owner. Whereas the question of repatriate is concerned it attracts FEMA rules and regulation. Kindly book a consultancy call for further clarification and detailed advice.
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